Protocol Overview
Last updated
Last updated
The Televault protocol has 4 stages namely Vault, Attest, Appraise and Televault. A simple mental model for the protocol is that of a pawnshop:
When pawning an asset, let's say a piece of jewelry, first you need to bring it to the pawnshop in person (Vault). Then you tell the pawn broker how much you think your piece of jewelry is worth or in other words, how much you want to receive if you let them posses your asset (Attest). Next the pawn broker will tell you how much they think your asset is worth or how much they are willing to pay (Appraise). If you and the pawn broker agree on a matching value then the transaction can take place (Televault) where they escrow your asset that can be redeemed in the future in exchange for money.
To bridge UTXO-chain assets, first they need to be vaulted into one of Emblem Vault's curated collections. For example, to televault Bellscoin to Ethereum, a Curated Bells vault needs to be created which provides a Bellscoin receive address. After sending some $BEL to that address, the vault can be minted which then acts as a regular ERC-1155 token on Ethereum.
An attestation is a digital signature that includes the following data:
Token ID
Asset ID e.g. BEL
Coin balance
These are collated into JSON format and then signed by the vault holder.
An appraisal is also a digital signature created by a designated appraiser account involving the same data as the attestation. To enhance security, this account will be a multi-sig Safe smart contract wallet.
The user submits an appraisal request via the Televault dApp. Using the Emblem Vault SDK, the appraisers can verify that the requester does hold the vault identified by the Token ID.
The user includes both the attestation and appraisal in a transaction to the Televault Broker. If the broker verifies that the attest and appraise signers is the submitter address and the desginated appraisal address respectively, it escrows the vault from the submitter and issues an amount of vToken that is equal to the declared coin balance.
